European stocks fell after a rout in emerging market currencies spurred concern the global economic recovery is faltering. The ESTX 50 (-0.28%), UK Markets (-1.01%), CAC 40 (-0.30%) and the DAX (-0.42%) all posted losses in early trading. RSA Insurance Group Plc fell -1.3% after the Sunday Times reported it is considering scrapping its final dividend to raise funds. Lanxess AG climbed +9% after naming Merck KGaA Finance Chief Matthias Zachert as its new CEO. Vodafone Group Plc lost -5.8% after AT&T Inc said it doesn’t intend to make an offer for the company. BG Group plummeted -14% after saying charges from operations in Egypt and the US hurt 2013 earnings. Imperial Tobacco Group Plc advanced +0.8% after Credit Suisse Group AG listed the company as a takeover target.
Asian stocks declined as concern that the global economic recovery is faltering spurred investors to sell riskier assets. The Nikkei 225 (-2.51%), Hang Seng (-2.11%) and the S&P/ASX 200 (-0.42%) all retreated. Sony Corp fell -3% in Tokyo, pacing losses among Japanese exporters. Toyota Motor Corp slipped -2.1% and Canon Inc dropped -2.5%. Advantest Corp slid -6.1% after the Nikkei newspaper reported that it had probably had an operating loss for the nine months ended December 31st. Tata Motors Ltd tumbled -4.8% in Mumbai after managing Director Karl Slym died in Bangkok. GCL-Poly Energy Holdings Ltd declined -6.3% in Hong Kong after China set a lower than expected target for installed solar energy capacity this year.
US stocks sank as a selloff in developing nation currencies spurred concern global markets will become more volatile. The Dow Jones Industrial Average (-1.96%), S&P 500 (-2.09%) and the NASDAQ Composite (-2.15%) all declined. Companies whose earnings are most tied to economic swings dropped. Whirlpool Corp slid -5%. House builders as a group dropped, D.R.Horton Inc slipped -4.9% and PulteGroup Inc fell -4.1%. Boeing sank -3.3% and Caterpillar lost -2.6% for the biggest declines in the Dow. Microsoft Corp added +2.1%, the most in the Dow, as customers bought the company’s game consoles and cloud software last quarter, helping sales beat analysts’ projections. Juniper Networks Inc rallied +6.6% for the biggest gain in the S&P 500 after reporting sales that exceeded analysts’ estimates. Discover Financial Services climbed +2.8% after reporting profit that beat analysts’ estimates as credit card spending and loan demand increased.
Morning Spread 8th March 2017 European shares traded flat this morning, the modest moves masking significant results driven games by several companies on a bust day for European earnings.
Morning Spread 2nd November 2016 Asian stocks followed global equities lower despite gauges of manufacturing in China topping estimates and the Bank of Japan maintained its record stimulus program.
Morning Spread 1st November 2016 Asian stocks were mixed as declines in oil prices dragged energy shares lower and investor anxiety grew over next week’s US presidential election.
Morning Spread 28th October 2016 Asian stocks fell as oil explorers pushed down Hong Kong gauges, while investors digested earnings from several companies.
Morning Spread 27th October 2016 US stocks were mixed following the release of earnings from several companies.
Morning Spread 24th October 2016 US stocks were little changed as a record day for Microsoft and earnings from McDonald’s helped offset a fall in energy and healthcare shares.
Morning Spread 19th October 2016 Asian shares rose as a barrage of Chinese data confirmed the economy had stabilised on the back of government spending and a hot housing market, even if worries about debt continue to mount.
Morning Spread 10th October 2016 Asian stocks were mixed following the second US presidential debate between Hilary Clinton and Donald Trump.
Morning Spread 5th October 2016 Most Asian stocks outside Japan slid on concern central banks will reduce stimulus, while the Nikkei climbed after the yen weakened.
Morning Spread 27th September 2016 Asian stocks advanced with investors viewing Democratic candidate Hillary Clinton as having gotten the upper hand in the first US presidential debate.